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Rupee hits new all-time low of 63.75

Rupee hits new all-time low of 63.75

Mumbai: The rupee on Tuesday plunged further by 62 paise to hit a fresh record low of 63.75 against the US dollar in early trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers.

Besides, melting domestic stock market and dollar’s strength against major currencies overseas on expectation that the Federal Reserve will soon taper its bond-buying programme weighed on the domestic unit, dealers said.

They said several measures announced by the government and the RBI failed to check volatility in the rupee.

The rupee had recorded the decade’s worst single-day fall of 148 paise, to close at record low of 63.13 against the dollar in the previous session.

Meanwhile, the BSE benchmark Sensex dipped below 18,000 level by tumbling 325.64 points, or 1.78 per cent, to 17,981.88 in early trade.

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